This bill amends various sections of the Louisiana Revised Statutes to repeal the corporation franchise tax, eliminating provisions related to its application, administration, collection, and payment. It modifies existing tax credits, ensuring they apply solely to Louisiana income tax rather than the franchise tax. Key sections, including R.S. 47:287.750 and R.S. 47:6005, have been amended to reflect these changes, removing references to the corporation franchise tax and clarifying that tax credits previously applicable to both income and franchise taxes will now only apply to income tax.

Additionally, the bill introduces new tax credit incentives aimed at promoting economic development, particularly in sectors such as aviation and aerospace, and for businesses hiring new employees or assisting individuals receiving public assistance. It allows for the transfer or sale of research and development tax credits for tax years 2018 and later and establishes refundable tax credits for child care providers. The bill also outlines a one-year timeframe for the Department of Revenue to process claims for excess tax credits. The provisions will take effect on January 1, 2026, applying to corporate franchise tax periods beginning on or after that date.

Statutes affected:
HB3 Original: 47:750(E)(1), 47:6005(C)(1), 47:6006(A), 47:1(A), 47:6008(A), 47:6013(A), 47:6014(A), 47:6015(B)(1), 47:6017(A), 47:6018(B), 47:6019(A)(1), 47:6020(D)(2), 47:6022(E)(1), 47:6028(C), 47:6032(A), 47:6033(C), 47:6036(C)(1), 47:6105(A), 47:6107(A), 47:6108(A), 51:1787(A)(2), 51:3(A)(1), 47:3204(H)(1), 47:4305(B)(1)
HB3 Engrossed: 47:750(E)(1), 47:6005(C)(1), 47:6006(A), 47:1(A), 47:6008(A), 47:6013(A), 47:6014(A), 47:6015(B)(1), 47:6017(A), 47:6018(B), 47:6019(A)(1), 47:6020(D)(2), 47:6022(E)(1), 47:6028(C), 47:6032(A), 47:6033(C), 47:6036(C)(1), 47:6105(A), 47:6107(A), 47:6108(A), 51:1787(A)(2), 51:3(A)(1), 47:3204(H)(1), 47:4305(B)(1)
HB3 Reengrossed: 47:750(E)(1), 47:6005(C)(1), 47:6006(A), 47:1(A), 47:6008(A), 47:6013(A), 47:6014(A), 47:6015(B)(1), 47:6017(A), 47:6018(B), 47:6019(A)(1), 47:6020(D)(2), 47:6022(E)(1), 47:6028(C), 47:6032(A), 47:6033(C), 47:6036(C)(1), 47:6105(A), 47:6107(A), 47:6108(A), 51:1787(A)(2), 51:3(A)(1), 47:3204(H)(1), 47:4305(B)(1)
HB3 Enrolled: 47:750(E)(1), 47:6005(C)(1), 47:6006(A), 47:1(A), 47:6008(A), 47:6013(A), 47:6014(A), 47:6015(B)(1), 47:6017(A), 47:6018(B), 47:6019(A)(1), 47:6020(D)(2), 47:6022(E)(1), 47:6028(C), 47:6032(A), 47:6033(C), 47:6036(C)(1), 47:6105(A), 47:6107(A), 47:6108(A), 51:1787(A)(2), 51:3(A)(1), 47:3204(H)(1), 47:4305(B)(1)
HB3 Act 6: 47:750(E)(1), 47:6005(C)(1), 47:6006(A), 47:1(A), 47:6008(A), 47:6013(A), 47:6014(A), 47:6015(B)(1), 47:6017(A), 47:6018(B), 47:6019(A)(1), 47:6020(D)(2), 47:6022(E)(1), 47:6028(C), 47:6032(A), 47:6033(C), 47:6036(C)(1), 47:6105(A), 47:6107(A), 47:6108(A), 51:1787(A)(2), 51:3(A)(1), 47:3204(H)(1), 47:4305(B)(1)